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Deutsche Bank to purchase €300M Irish property loan portfolio

Deutsche Bank AG agreed to purchase a €300 million fully performing portfolio of property loans, called Project Lee, from Ireland's National Asset Management Agency Ltd., The Irish Times reported Oct. 17.

The portfolio's borrowings are all connected to O Callaghan Properties Ltd., and secured through buildings in and around Cork, Ireland.

The loan portfolio reportedly generated income of €12 million per year, the news outlet noted.